PeakShares LLC Makes New Investment in The Progressive Corporation $PGR

PeakShares LLC purchased a new position in shares of The Progressive Corporation (NYSE:PGR) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 4,488 shares of the insurance provider’s stock, valued at approximately $1,022,000.

Other large investors have also made changes to their positions in the company. Bard Associates Inc. acquired a new position in Progressive during the fourth quarter worth about $27,000. Dagco Inc. acquired a new stake in shares of Progressive during the 4th quarter valued at approximately $28,000. Ameriflex Group Inc. lifted its position in shares of Progressive by 106.6% during the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after acquiring an additional 65 shares during the period. IFC & Insurance Marketing Inc. purchased a new stake in shares of Progressive during the 4th quarter worth approximately $29,000. Finally, Acumen Wealth Advisors LLC purchased a new stake in shares of Progressive during the 4th quarter worth approximately $33,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 1,157 shares of Progressive stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $231,400.00. Following the completion of the sale, the insider owned 28,668 shares in the company, valued at approximately $5,733,600. This trade represents a 3.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the completion of the transaction, the insider directly owned 41,290 shares of the company’s stock, valued at $8,258,000. The trade was a 12.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.32% of the company’s stock.

Trending Headlines about Progressive

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: May results showed stronger earnings momentum, with higher premiums, investment income, and underwriting performance helping drive a 36% year-over-year earnings increase. Progressive’s May Earnings Increase Y/Y on Higher Investment Income
• Positive Sentiment: Bank of America kept a Buy rating on Progressive despite trimming its price target, which still implies meaningful upside from current levels. Progressive price target lowered by Bank of America Corporation
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target for Progressive, signaling continued confidence in the company’s outlook. Progressive price target raised by Keefe, Bruyette & Woods
• Neutral Sentiment: Progressive is getting attention from investors and appears on undervalued-stock screens, but these are more sentiment-driven than company-specific catalysts. 5 Most Undervalued NYSE Stocks to Invest In
• Neutral Sentiment: Analysts remain split on Progressive, with conflicting views highlighting uncertainty around valuation and future earnings durability. Analysts Have Conflicting Sentiments on These Financial Companies: Progressive (PGR) and Open Lending (LPRO)

Analyst Ratings Changes

PGR has been the subject of several research analyst reports. Keefe, Bruyette & Woods raised their price objective on Progressive from $208.00 to $210.00 and gave the company a “market perform” rating in a research note on Thursday. Royal Bank Of Canada set a $208.00 target price on Progressive in a research report on Friday, May 22nd. Wells Fargo & Company lowered their target price on Progressive from $222.00 to $219.00 and set an “equal weight” rating on the stock in a report on Thursday. Weiss Ratings cut Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Finally, Evercore reaffirmed a “negative” rating on shares of Progressive in a research note on Wednesday, March 18th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $237.58.

Progressive Price Performance

PGR stock opened at $204.42 on Friday. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $267.92. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The stock’s 50 day moving average price is $200.01 and its 200 day moving average price is $207.23. The firm has a market cap of $119.45 billion, a P/E ratio of 10.39, a PEG ratio of 5.88 and a beta of 0.28.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm had revenue of $22.19 billion for the quarter, compared to analysts’ expectations of $23.51 billion. During the same quarter in the prior year, the firm earned $4.37 EPS. Progressive’s quarterly revenue was up 6.5% on a year-over-year basis. On average, sell-side analysts expect that The Progressive Corporation will post 16.52 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is presently 2.03%.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.